Business owners have lamented that the recent interest rate increase by the Central Bank of Nigeria would have negative effects on businesses in the country. In all, the MPC has increased the interest rate by 750 basis points since February. The committee in February increased the interest rate by 400 basis points which was 22.75 per cent as against the initial 18.75 per cent. However, the economists and business owners said that the continued increase would affect several businesses and hinder business owners from accessing loans. She said, “Right now, the loan is a no-go area because of the interest rate.

Source: Punch May 26, 2024 02:49 UTC